TAXATION ADMINISTRATION ACT 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 2 - Collection, recovery and administration of income tax  

PART 2-5 - PAY AS YOU GO (PAYG) WITHHOLDING  

Division 18 - Recipient ' s entitlements and obligations  

Subdivision 18-A - Crediting withheld amounts  

Entitlement to credits: dividend, interest or royalty, amount attributable to fund payment or Seasonal Labour Mobility Program

SECTION 18-30   CREDIT: DIVIDEND, INTEREST OR ROYALTY  

18-30(1)  


An entity is entitled to a credit if:


(a) the entity ' s *ordinary income, or *statutory income, includes any of the following:


(i) a *dividend (or a part of it), interest (within the meaning of Division 11A of Part III of the Income Tax Assessment Act 1936 ) or a *royalty;

(ii) an amount that is represented by or reasonably attributable to an *AMIT DIR payment; and


(b) if subparagraph (a)(i) applies - if the entity has borne all or part of an *amount withheld from the dividend, interest or royalty; and


(c) if subparagraph (a)(ii) applies - if the entity has borne all or part of an amount paid under Division 12A in respect of the AMIT DIR payment.

18-30(2)  
The amount of the credit is that amount or part.

Note:

A taxpayer may also be entitled to a credit in relation to payment of interest under, or in relation to the transfer of, a qualifying security. See section 128NBA of the Income Tax Assessment Act 1936 .


 

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